But in a twist to the bitter stand-off that has emerged between Corus and Mr Usmanov, Gallagher dropped the proposal.

Gallagher said: "We have held extensive consultations with other Corus shareholders, some of whom have indicated that, while they are supportive of the proposal in principle, they would prefer to have more time to assess the merits of Mr Van der Velden's candidacy."

The Corus board, the Association of British Insurers and investor lobby group Pirc, have all urged shareholders to vote against Mr Usmanov's proposal. They claim a single shareholder should not dictate a company's board.